Ailing Deutsche Bank is axing free daily fruit supplies for its staff as it cuts costs

Ailing Deutsche Bank is axing free daily fruit supplies for its staff as it cuts costs.

The lender has also told workers they cannot travel first class on a train and has cracked down on them attending conferences.

It is also cutting pay-offs to workers made redundant, and managers have been warned not to overspend beyond their budget in any circumstances.

Chief executive Christian Sewing – appointed in April after his predecessor was sacked following a failed turnaround – is determined to end years of sluggish performance as the share price remains near record lows.

He has told new chief operating officer Frank Kuhnke to oversee the cutbacks, using a trademark blunt approach that has earned him the nickname 'Frank the tank'.

The lender is shutting its office in Texas, shrinking its Chicago business and plans to sack at least 7,000 people.